Despite the strong overnight recovery, equities open weak, and the bears have already broken into the low sp'2050s. VIX is yet to show any real concern though... key threshold to break is 17.19. Metals are holding gains, Gold +$12. Oil is +0.8%.. ahead of the latest EIA report.
sp'60min
VIX'60min
Summary
*Godaddy (GDDY) set to be listed.. and somewhat understandably... clown finance TV is trying to talk that one up.
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So... a reasonable start to the quarter... and after yesterday afternoons key break of trend... it would to be a case of just how low we close today.
Things really only get interesting though when VIX >17.19... at which point it'd likely snap straight into the low 20s.
Unquestionably...the rats are getting twitchy. A break to sp'2038... and below.. and the rats will all jump at once!
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10.30am.. chop in the sp'2050s... but clearly... this is still very reasonable follow through from yesterdays break.
..EIA oil report... weekly surplus... 4.8 million barrels... certainly less than the recent average.
Oil is choppy.. gains of 1%